My intent is to also put money into the property, which results in a reduction in service calls, a reduction in utilities, and the property should be more appealing to higher quality tenants.

In between $100K and $150K it phases out, $1 reduction in the special allowance for every $2 of income over $100K.Second is that you have to pay it back.

Between the rental income, Principal paid, moderate appreciation and tax reductions against my W2 income they do far better than good old stocks and bonds.

I view it as it all ebbs and flows, 4 weeks ago I was celebrating a huge bump in equity at a refinance and a reduction in mortgage payments, another mortgage payment lowered significantly which increase my cash flow on a different property and going under contract for a 12 unit townhouse complex...I try to take the bad in stride, and not take the good for granted. 

But when I look at the detail bill here, I can't understand where "Gross Tax" comes from, also what is "Less 920 Reduction" ?

Wholesaling is great but it takes a lot more than a fat marketing budget. 

If you are going to rent the property, you have two main options (in Maryland):  1) Obtain a Lead Risk-Reduction Certificate. 

"A fat purse quickly empties if there be no golden stream to refill it."

Functional obsolescence "is a reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed."

Seller offers a price reduction and will not deliver the property with a lead certificate.